REPORT: BP CEO To Resign On Tuesday

The chief executive of BP, Tony Hayward, is finalising the details of his imminent exit from BP this weekend as the oil giant prepares to make an announcement on the chief executive's future possibly within the next 48 hours.

After a weekend of detailed negotiations over Mr Hayward's severance package, it now appears almost certain that he will announce his departure ahead of BP's half year results on Tuesday.

As we noted the first time a report such as this surfaced, it makes total sense. He can't stay with the company during its recovery from the spill, as his own brand is too associated with this disaster. Once the leak plugging is done, and the money has been raised, his job is done.